PET History

History

In 1992 WEMTA received a sum of around $45,000 from a cooperative project with Apple Computer. Rather than spend this money on operational expenses, it was decided that this sum of money was of a size that offered an opportunity to invest the funds and receive income on a continuing basis. The premise underlying the establishment of the Permanent Endowment Trust (PET) was to provide an ongoing amount of money to fund special, unique or urgent activities or projects that benefit the membership and for which the normal operating budget is not sufficient. The establishment of the trust was also done with the understanding that the trust could and should continue to grow and that only the interest from the trust could be used. A separate WEMTA committee was established to oversee the trust and make decisions concerning the disbursement of the interest. WEMTA’s Bylaws were amended to include the Permanent Endowment Trust.

1993 Founders’ Club WEMA Permanent Endowment Trust

After the WEMA Board officially approved the establishment of the Permanent Endowment Trust (PET) in early 1993, Ralph Whiting made a motion that all board members contribute $100 to PET to provide a good financial start for the new endowment fund. The motion carried, and the 1993 board members, along with several other WEMA members, gave $100 each to build and strengthen the new endowment. Those initial contributors (listed below) were forever hailed as the WEMA Permanent Endowment Trust Founders’ Club.